Big Bullets get k10m debt relief
Days after surrendering the Carlsberg Cup to their age-old rivals Mighty Be Forward Wanderers, Big Bullets got a timely solace on Tuesday when TNM wrote off the K10.3 million debt acquired for their CAF Champions League participation.
TNM gave Bullets a K15 million advance payment to help finance its CAF tournament excursion with an understanding that the team would pay back the debt from an SMS promotion it launched to raise funds.
However, the team only raised K4.7 million leaving a deficit of K10.3 million.
“Due to lack of sponsorship, it became clear that they would struggle to settle the debt. TNM, therefore, feels obliged to relieve the team of the debt.
“As a proud and patriotic Malawian service provider, we are proud to write-off the debt that Big Bullets owe us as a company. This demonstrates our commitment in supporting the development of football in the country and it is our hope that the debt relief will help the team focus on other critical operational issues,” said TNM chief commercial officer Dan Makata during a press briefing in Blantyre on Tuesday.
Makata said as a sponsor, TNM is still proud that Bullets represented the country well in the tournament and were happy that despite the bottlenecks the team faces due to lack of sponsorship, they had the heart to compete at a bigger stage, reaching the second-round of the tournament.
He noted that while they had initially projected to raise K30 million from the promotion, leadership wrangles took toll on the People’s Team, which eventually derailed the drive.
Bullets chairperson Samuel Chilunga expressed gratitude to TNM for its gesture.
“What TNM has done makes us forget our woes and when it claims that they are a true partner of the game, then this is a true demonstration of that. They are not in any way favouring us,” he said.
However, Chilunga stated that they took the first step by requesting TNM to consider writing-off the debt considering their financial predicament. Bullets’ participation in the African Club Championship, saw them accumulate debt in the excess of K30 million.
Super League of Malawi (Sulom) vice-president Daud Suleman commended TNM for the gesture, but was quick to point out that the development should serve as a lesson on the need to embark on initiatives that would make them self-sustainable in the long run.
“Big teams such as Bullets should not reach this point, they need to wake up from their deep slumber and realise their potential,” said Suleman.
